Illumibowl: Get the Inside Scoop on Their Net Worth
Illumibowl is a developer of toilet night lamps. It bagged a deal on Shark Tank in 2016, which catapulted it into the market.
Following the product release, Illumibowl net worth continues to grow as it maintains success in the business.
How this value came about can inspire other entrepreneurs. So, let’s look at how the company became what it is today.
Illumibowl at a Glance
We’ll start by taking a glance at Illumibowl:
- Business: Motion-activated toilet night lights
- Ownership Status: Private
- Founder: Matt Alexander and Michael Kannely
- Location: Provo, Utah
Illumibowl Net Worth
Illumibowl had a net worth of $667,666 before its feature on Shark Tank. After a $100,000 investment from Kevin O’Leary, business began to take off.
Today, the company has a net worth of $1.4 million from sales of over a million units since its inception.
Demand for the product has also triggered innovations. These developments led to the launch of three more items.
That said, Illumibowl’s current offerings include the following:
- IllumiBowl Motion-Activated Toilet Night Light Never Fall Design
- IllumiBowl Motion-Activated Toilet Night Light Germ Defense
- IllumiBowl Toilet Projector Night Light
- IllumiSink Light-Up Faucet Attachment
Illumibowl is the first toilet night light in the market. It lights up once it senses movement in the toilet.
Here’s how it came about:
Matt Alexander studied entrepreneurship at Brigham Young University. He came up with the idea for a bathroom night light, drawn from personal experience.
Matt often drinks water so he also frequents the bathroom to urinate. This habit proved troublesome at night as he would find himself fumbling for a light switch. Soon after, he’d find himself awake.
Initially, Matt thought of a floor mat that lights up once stepped upon. The plan will help users see during their nighttime bathroom trips.
Matt mentioned the concept to his brother-in-law, Michael Kannely. The latter suggested attaching the light directly to the toilet bowl.
The pair researched the demand for such a product and found no similar offerings. Recognizing this huge market potential, they began to work on the prototype design.
They’re just two broke students at the time. That’s why they decided to raise funds through the Kickstarter site in October 2014.
Their winning proposal brought more than enough capital to finish the prototype. After a 40-day campaign, the pair raised almost $100,000, far from their $20,000 funding target.
Illumibowl used some of the money to fulfill pre-orders from among their 3000 backers.
Shark Tank Appearance
Illumibowl needed more funding to boost its operations. In March 2016, the opportunity presented itself through Shark Tank.
Matt and Mike appeared in the show’s seventh season. They pitched for $100,000 in exchange for a 15% stake in the company.
The team stressed needing more capital for inventory, an online store, and innovations, like adding image projections.
Of the four sharks, only Kevin O’Leary offered a deal but not exactly what they wanted. It was $100,000 for a 25% stake, to which the duo agreed.
After Shark Tank
Bed Bath & Beyond, Ace Hardware, and True Value were retailers who took on Illumibowl right after filming its Shark Tank appearance. However, they pushed back the launch while waiting for the episode to air.
Needless to say, Shark Tank played an important role in Illumibowl’s success.
The founders praise Kevin for his considerable contribution to the business. The shark is involved in all aspects, from retail negotiations to R&D and marketing.
Today, Illumibowl’s net worth is estimated at $1.4 million. It’s a trendsetter in the toilet night light business and continues to grow through innovations.
Yet, what’s truly fascinating is how it started with two broke college students working on a fun idea. The duo rose above the financial challenges through fundraising campaigns and pitching on Shark Tank.
This story shows us that even a simple idea can become a prolific venture if you have the drive and support to spur it to fruition.